Broker Suspends Three After FX Arrests

BBC News reports that money broker ICAP has suspended, without pay, its three brokers arrested by the FBI last month in a high-profile swoop on the FX market. In total 47 currency traders were arrested.

The firm has also asked its lawyers to investigate the alleged fraud, but says that it has no evidence to suggest that the firm itself has suffered any financial loss. ICAP is cooperating with the FBI and, like most of the firms affected, knew nothing of the swoop until gun-totting agents raided offices across America's financial district.

ICAP CEO Michael Spencer played down the amount of money said to be involved, saying that the dealers look like they made not a lot more than 'tens of thousands' of dollars, rather than the larger sums mentioned in the press.

In the meantime, ICAP is having a good year. Pre-tax profit before goodwill and exceptionals for the six months to 30th September is up 47% to £84.4m.